Smart to plan for health taxes now
Transforming Health | 04.10.13
Tax season is upon us. And, many of us have seen the ad on TV in which H & R Block employee Ana Maria says that she has read the entire 900 pages of the Patient Protection and Affordable Care Act and that “The Affordable Care Act means big changes this year when you file your taxes.” Take a look:
Most of the health act taxes will begin this year and through 2014, so you won’t have to worry about filing them until a year from now. But, it’s not too early to begin educating yourself about the health law now and understanding how it will impact you and your family and what credits and deductions you can claim.
In a recent Kaiser Health article, Meg Sutton, senior adviser for tax and health-care services at Block says:
“When we talked to consumers it was very apparent that they are very confused about what’s going on. It’s critical that consumers get out and educate themselves about the Affordable Care Act and how it can affect them and their families.”
It's wise to learn about health taxes now.
Sutton explains that one example would be those who don't have health insurance may want to know what the penalty would be if they don’t sign up for coverage. Or, if you want to get coverage for next year, the exchanges will use the household size and income on your 2012 tax return to determine your eligibility for subsidies, some of which will be delivered as an income tax credit.
As Ana Marie says in the ad, the company offers a free “tax and health care review.” And, they offer an interactive “test drive” on their website that allows you to visualize a variety of tax situations in preparation of the Affordable Care Act changes. Take a test drive here.
When it comes to the Affordable Care Act, what do you want to know more about? Share your thoughts in a comment below.
- Health law & taxes FAQ
- Learn about the Health Insurance Marketplace
- Learn about payment & insurance reform under the Affordable Care Act